Ramu sends nickel price to 5-year high amid tightest market in decade
Nickel price rockets after Papua New Guinea plant supplying 23% of LME warehoused nickel faces shutdown over ocean spill.
Nickel price rockets after Papua New Guinea plant supplying 23% of LME warehoused nickel faces shutdown over ocean spill.
Nickel prices rallied over 34% from the beginning of July, mainly on the back of a flurry of speculative activity spurred by supplyside fears in Indonesia.
The leakage from the facility, owned by Metallurgical Corporation of China, affected the adjacent Basamuk Bay.
Consultancy Roskill estimates most new greenfield nickel projects would need prices at $22,000 a tonne or above.
The Canadian billionaire investor has splashed over C$145 million on gold, silver, and nickel explorers.
The miner has also started negotiations with banks over a possible initial public offering of its Bystrinsky project.
Nornickel's first-half net profit jumped to $3 billion as London palladium prices rose by 40%.
The company continues to plan an IPO of the Bystrinsky mine in 2020.
The mid-sized miner is one of more than two dozen nickel ore producers in the Philippines, China's second-biggest supplier of nickel ores.
Newco Ferronikeli is Kosovo's sole ferro-nickel producer and the largest exporter.